- Thomas Cook India is an entirely separate entity from Thomas Cook PLC in the UK since acquisition of a 77% stake in 2012 by Canada based Fairfax Financial Holdings
- Thomas Cook UK has had no stake in Thomas Cook (India) Limited since 2012
- Secure financial position of the Thomas Cook India Group
Mumbai, September 23, 2019: In light of media reports on Thomas Cook PLC, today reiterated that the Thomas Cook India Group is a completely different entity since August 2012, when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada based multinational with varied interests across the globe as well as in India.
Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from August 2012 and since then, Thomas Cook UK has had no financial or business stake in Thomas Cook (India) Limited.
Mr. Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd. (TCIL), reiterated, “In light of today’s media reports regarding the collapse of Thomas Cook PLC in the UK, it is important that I categorically reiterate that it is business as usual for Thomas Cook India which is a completely independent entity, acquired by Canada based Fairfax Financial Holdings in August 2012 from Thomas Cook in the UK.
Given there is no connection whatsoever between Thomas Cook in the UK and Thomas Cook India, the collapse of Thomas Cook in the UK has no impact whatsoever in terms of ownership, business, people, technology or processes to us at Thomas Cook India.”
He added, “The Thomas Cook India Group’s cash and bank deposits balances stand at Rs. 13,890 Mn. as of June 30, 2019. Thomas Cook India is debt-free upon pre-payment of Rs. 670 Mn debenture obligations ahead of schedule. This has been made possible using growing and sustainable cash flows that the Thomas Cook India Group generates year over year. The Group generates an average annual free cash flow of around Rs. 2500 Mn.”
About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Digiphoto Entertainment Imaging (DEI), Private Safaris East & South Africa.
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 29 countries across 5 continents, a team of over 9700 and a combined revenue in excess of Rs. 6718.7 Cr. (over $ 0.96 Bn.) for the financial year ended March 31, 2019.
TCIL has been felicitated with The Best Outbound Tour Operator at the Times Travel Awards 2018 & 2019 and Leading Company with Cutting Edge Travel Innovation at the Times Travel Awards 2018, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Cash Management Solution – India at the Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2018, Excellence in Domestic Tour Operations at the SATTE Awards 2018, Best Travel Entrepreneur of The Year at TTG Travel Awards 2017, The French Ambassador’s Award for Exemplary Achievements in Visa Issuance – 2015 to 2018 and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2018.
CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Ltd at ‘CRISIL AA-/Stable on the long-term bank facilities of TCIL and CRISIL A1+ rating on the short-term bank facilities and short- term debt of the Company.
